Common use of End of Term Renewal of Facility Lease Clause in Contracts

End of Term Renewal of Facility Lease. (a) If Lessee notifies Lessor in the Lessee Election Notice that it elects or is deemed to have elected to renew this Facility Lease pursuant to Section 14.1(c) or Section 14.1(d) or Lessee notifies Lessor in the Lessee Early Renewal Notice that it elects to renew this Facility Lease early pursuant to Section 14.3(c), then at the end of the Base Term, the First Renewal Term or the Second Renewal Term, as the case may be, this Facility Lease shall, subject to Section 14.2(b), automatically be extended for a period of time (such periods of time, the "First Renewal Term", the "Second Renewal Term" and the "Third Renewal Term", respectively) equal to (i) (A) in the case of the First Renewal Term, eighty percent (80%) of the Economic Useful Life as determined by the Unit Appraiser pursuant to Section 4.6 or (B) in the case of the Second Renewal Term or the Third Renewal Term, eighty percent (80%) of the Current Economic Useful Life as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, less (ii) the sum of the Base Term and any previous Renewal Terms, in each case expressed in calendar months, with any partial calendar month rounded down to the next whole calendar month, on the same terms and conditions as were applicable during the Base Term; provided, however, that Lessee shall pay to Lessor pursuant to Section 7.1 on each Rent Payment Date during the respective Renewal Term rent calculated in accordance with Schedule 14.2 ("Renewal Rent") for the lease of the Leased Facility during the respective Renewal Term; provided, further, if any subsequent Renewal Term will be less than twenty four (24) months, then the provisions in Section 14.1(c) shall apply as if the existing Base Term or Renewal Term, as the case may be, ends on the last day of such subsequent Renewal Term. (b) Notwithstanding anything to the contrary in Article 14, in no event shall a Renewal Term extend beyond the earlier of: (i) (A) in the case of the First Renewal Term, the date as of which the Appraised FMV, as determined by the Unit Appraiser pursuant to Section 4.6, or (B) in the case of any Renewal Term (other than the First Renewal Term), the date as of which the Appraised FMV as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, is equal to or is less than twenty percent (20%) of the total Construction Costs incurred by or on behalf of Lessor to construct and commission the Leased Facility, and (ii) the date as of which (A) in the case of the First Renewal Term, the sum of the Base Term and the First Renewal Term shall equal eighty percent (80%) of the Economic Useful Life as determined by the Unit Appraiser pursuant to Section 4.6 and (B) in the case of any Renewal Term (other than the First Renewal Term), the sum of the Base Term, any previous Renewal Terms and the subsequent Renewal Term shall equal eighty percent (80%) of the Current Economic Useful Life, as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be; it being the intent of the Parties that Lessee's right to renew this Facility Lease shall not conflict with the Parties' intent regarding the tax ownership of the Leased Facility for federal and state income tax purposes as more fully described in Section 6.2. If a Renewal Term would extend beyond the earlier of (i) and (ii) above, then the duration of such Renewal Term shall automatically and without any action on the part of the Parties be reduced so as to ensure that the provisions of this Section 14.2(b) are met, notwithstanding that the duration of such Renewal Term may be shorter than the duration prescribed for the Renewal Term in Section 14.2(a).

End of Term Renewal of Facility Lease. (a) If Lessee notifies Lessor in the Lessee Election Notice that it elects or is deemed to have elected to renew this Facility Lease pursuant to Section 14.1(c) or Section 14.1(d) or Lessee notifies Lessor in the Lessee Early Renewal Notice that it elects to renew this Facility Lease early pursuant to Section 14.3(c), then at the end of the Base Term, the First Renewal Term or the Second Renewal Term, as the case may be, this Facility Lease shall, subject to Section 14.2(b), automatically be extended for a period of time (such periods of time, the "“First Renewal Term"”, the "“Second Renewal Term" ” and the "“Third Renewal Term"”, respectively) equal to (i) (Ai)(A) in the case of the First Renewal Term, eighty percent (80%) of the Economic Useful Life of the Unit 2 Facility as determined by the Unit Appraiser pursuant to Section 4.6 or (B) in the case of the Second Renewal Term or the Third Renewal Term, eighty percent (80%) of the Current Economic Useful Life of the Unit 2 Facility as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, less (ii) the sum of the Base Term and any previous Renewal Terms, in each case expressed in calendar months, with any partial calendar month rounded down to the next whole calendar month, on the same terms and conditions as were applicable during the Base Term; provided, however, that Lessee shall pay to Lessor pursuant to Section 7.1 on each Rent Payment Date during the respective Renewal Term rent calculated in accordance with Schedule 14.2 ("“Renewal Rent"”) for the lease of the Leased Facility during the respective Renewal Term; provided, further, if any subsequent Renewal Term will be less than twenty four (24) months, then the provisions in Section 14.1(c) shall apply as if the existing Base Term or Renewal Term, as the case may be, ends on the last day of such subsequent Renewal Term. (b) Notwithstanding anything to the contrary in Article 14, in no event shall a Renewal Term extend beyond the earlier of: (i) (A) in the case of the First Renewal Term, the date as of which the Appraised FMV, as determined by the Unit Appraiser pursuant to Section 4.6, or (B) in the case of any Renewal Term (other than the First Renewal Term), the date as of which the Appraised FMV as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, is equal to or is less than twenty percent (20%) of the total Construction Costs incurred by or on behalf of Lessor to construct and commission Xxxx 0 plus the Leased FacilityXxxx 0 Xxxxxxxxxx Xxxxxx, and (ii) the date as of which (A) in the case of the First Renewal Term, the sum of the Base Term and the First Renewal Term shall equal eighty percent (80%) of the Economic Useful Life of the Unit 2 Facility as determined by the Unit Appraiser pursuant to Section 4.6 and (B) in the case of any Renewal Term (other than the First Renewal Term), the sum of the Base Term, any previous Renewal Terms and the subsequent Renewal Term shall equal eighty percent (80%) of the Current Economic Useful LifeLife of the Unit 2 Facility, as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be; it being the intent of the Parties that Lessee's ’s right to renew this Facility Lease shall not conflict with the Parties' ’ intent regarding the tax ownership of the Leased Facility for federal and state income tax purposes as more fully described in Section 6.2. If a Renewal Term would extend beyond the earlier of (i) and (ii) above, then the duration of such Renewal Term shall automatically and without any action on the part of the Parties be reduced so as to ensure that the provisions of this Section 14.2(b) are met, notwithstanding that the duration of such Renewal Term may be shorter than the duration prescribed for the Renewal Term in Section 14.2(a).

End of Term Renewal of Facility Lease. (a) If Lessee notifies Lessor in the Lessee Election Notice that it elects or is deemed to have elected to renew this Facility Lease pursuant to Section 14.1(c) or Section 14.1(d) or Lessee notifies Lessor in the Lessee Early Renewal Notice that it elects to renew this Facility Lease early pursuant to Section 14.3(c), then at the end of the Base Term, the First Renewal Term or the Second Renewal Term, as the case may be, this Facility Lease shall, subject to Section 14.2(b), automatically be extended for a period of time (such periods of time, the "“First Renewal Term"”, the "“Second Renewal Term" ” and the "“Third Renewal Term"”, respectively) equal to (i) (Ai)(A) in the case of the First Renewal Term, eighty percent (80%) of the Economic Useful Life of the Unit 1 Facility as determined by the Unit Appraiser pursuant to Section 4.6 or (B) in the case of the Second Renewal Term or the Third Renewal Term, eighty percent (80%) of the Current Economic Useful Life of the Unit 1 Facility as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, less (ii) the sum of the Base Term and any previous Renewal Terms, in each case expressed in calendar months, with any partial calendar month rounded down to the next whole calendar month, on the same terms and conditions as were applicable during the Base Term; provided, however, that Lessee shall pay to Lessor pursuant to Section 7.1 on each Rent Payment Date during the respective Renewal Term rent calculated in accordance with Schedule 14.2 ("“Renewal Rent"”) for the lease of the Leased Facility during the respective Renewal Term; provided, further, if any subsequent Renewal Term will be less than twenty four (24) months, then the provisions in Section 14.1(c) shall apply as if the existing Base Term or Renewal Term, as the case may be, ends on the last day of such subsequent Renewal Term. (b) Notwithstanding anything to the contrary in Article 14, in no event shall a Renewal Term extend beyond the earlier of: (i) (A) in the case of the First Renewal Term, the date as of which the Appraised FMV, as determined by the Unit Appraiser pursuant to Section 4.6, or (B) in the case of any Renewal Term (other than the First Renewal Term), the date as of which the Appraised FMV as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be, is equal to or is less than twenty percent (20%) of the total Construction Costs incurred by or on behalf of Lessor to construct and commission the Leased Unit 1 Facility, and (ii) the date as of which (A) in the case of the First Renewal Term, the sum of the Base Term and the First Renewal Term shall equal eighty percent (80%) of the Economic Useful Life of the Unit 1 Facility as determined by the Unit Appraiser pursuant to Section 4.6 and (B) in the case of any Renewal Term (other than the First Renewal Term), the sum of the Base Term, any previous Renewal Terms and the subsequent Renewal Term shall equal eighty percent (80%) of the Current Economic Useful LifeLife of the Unit 1 Facility, as determined by the Independent Appraiser pursuant to Section 14.1(b) or the Early Renewal Independent Appraiser pursuant to Section 14.3(b), as the case may be; it being the intent of the Parties that Lessee's ’s right to renew this Facility Lease shall not conflict with the Parties' ’ intent regarding the tax ownership of the Leased Facility for federal and state income tax purposes as more fully described in Section 6.2. If a Renewal Term would extend beyond the earlier of (i) and (ii) above, then the duration of such Renewal Term shall automatically and without any action on the part of the Parties be reduced so as to ensure that the provisions of this Section 14.2(b) are met, notwithstanding that the duration of such Renewal Term may be shorter than the duration prescribed for the Renewal Term in Section 14.2(a).